GoPro is in a massive tailspin

Layoffs, new cameras and a strategy shift. Nothing seems to be working for GoPro, which has plummeted to yet another all-time low.

After posting a huge loss last quarter, the company fired its chief financial officer and slashed its product lineup to just three different cameras.

On a conference call with investors, Woodman acknowledged concerns that GoPro can't expand beyond its niche market of people who want action cameras. He said that he's not concerned about GoPro being a niche -- instead, he says the company is focused on helping make GoPros easier to use for existing customers.

"We recognize the need to develop software solutions that make it easier for our customers to offload, access and edit their GoPro content," he said.

He also said GoPro would only sell just three cameras in the future: Hero 4 Black, Hero 4 Silver, and Hero 4 Session. It's killing off its cheapest, $130, camera called the Hero. It will also stop making the Hero+ LCD and the Hero+.

But the company isn't totally giving up on expansion. GoPro will continue with its plans to launch the Hero 5 this year as well as itsnew Karma drone. It also is working on virtual reality products.

"In 2016 we are committed to delivering a breakthrough -- the breakthrough experience we've all be waiting for," Woodman promised. "It's against this commitment that you can judge our performance this year."

@DaveSmith Welcome to the world of stock markets. Thats how many big companies died including BlackBerry. The stock markets is a game and the theatre is the media. With this interview CNN will hurt GOPRO even more. the general population will have it drilled in their heads that GOPRO is not doing well so they dont buy their cameras anymore. Even though thats not the case. But someone will get a huge profit with the GOPRO stock going down.

If innovation means putting a camera in your mouth, Nich is the winner in that game. Building rectangular and square cameras which are similar year after year and relying on your brand name instead of the product does not work out in the end.

Dave - to understand it you have to go back to the idea of taking money from investors (VC's and then, perhaps, the public).

If Nick just wanted to make millions each year for a while and have some fun he could have kept the company private. But when you sell investors on the idea - part of that is forward looking statements which say "hey, buy our shares for vastly more than they are worth because we think they are gonna be worth even more than that".

I sold my GP 4 and got a Yi. I love the Yi - the interface and app are cleaner, IMHO and I don't worry as much about it.

I also took photos and vids with my old (refurb, $90) GP2 that rival anything I got from the 4.

GoPro - and now many drone makers - are overestimating the "sports action" market IMHO. It may be a market but it's not big enough for dozens of companies in the photo and video/drone part of it.

Its an amazing thing. I wrote a post about how useful they might be in RPA only a handful of years ago and now they are on their way out. I can't see how the Karma can save them unless the first drone they produce hits everything else out of the park. DJI has already started predatory pricing....

Gopro is a great little product but massively overpriced. Products like xiaomi yi and the newer 4k chinese equivalents may not be quite as well built but near as, and for a quarter of the price. I know which one I'm going to buy for my miraculously-mostly-stays-in-the-air drone!